Himatsingka Seide picks up 70 pc stake in an Italian luxury brand

Mumbai, Jan 29 (UNI) Himatsingka Seide has entered into definitive agreements to acquire a 70 per cent equity stake in Giuseppe Bellora SpA, Italy.

The company informed BSE that the transaction is expected to be completed in February 2007. This acquisition is in line with the Company's strategy to acquire high end distribution networks in the global home textile segment.

Additionally, the Company is investing Rs 400 crore in setting up an integrated bed linen manufacturing facility located at the Special Economic Zone (SEZ) in Hassan, Karnataka. Trial production at the new facility is likely to commence in February 2007 with commercial production soon thereafter.

Established in 1883, the Bellora brand is a pan European luxury brand in the Bed Linen segment.

Apart from exclusive stores in Italy and other parts of Europe such as Spain, Portugal, Switzerland, Germany and France, the brand has a presence in up market departmental stores, the likes of Harrods, London, La Rinascente, Milan, Bonne Marche, Paris among several others. During 2006, Bellora generated revenues of about Euros 29 Million.

UNI